Otedola lauds Tinubu for approving 15% import duty on petrol, diesel

Billionaire businessman Femi Otedola has commended President Bola Tinubu for approving a 15 per cent import tariff on petrol and diesel, describing the move as a bold step towards strengthening Nigeria’s industrial and energy sectors.

Otedola, in a statement on Monday, November 3, 2025, said the policy would protect domestic investors and safeguard the billions of dollars already committed to refining and production facilities in Nigeria.

The Chairman of Geregu Power noted that Nigeria’s industrial base had long suffered from the influx of cheaper, substandard imported goods, affecting sectors such as textiles, automobile assembly, and manufacturing.

He warned against allowing a repeat of such a decline in the energy industry, especially now that Nigeria has developed the capacity to meet its own fuel needs.

Otedola stated: “I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 per cent import tariff on petrol and diesel. This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.

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“For decades, Nigeria’s industrial base has suffered from the unchecked importation of cheaper and often substandard goods, a practice that crippled once-thriving sectors such as textiles, local vehicle assembly, and manufacturing.

“We cannot afford to allow history to repeat itself within the energy sector, particularly now that Nigeria possesses the capacity to meet its petrol and diesel requirements locally.”

The business mogul added that the newly approved tariff will not only protect local investments but also foster industrialisation, job creation, and a sustainable energy future for the country.

Otedola stressed that the policy would contribute to a more stable and predictable pricing system, helping to curb inflation and promote long-term economic stability.

Otedola said: “President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable.

“His focus on empowering local producers and promoting value addition within Nigeria exemplifies the type of visionary leadership required to steer our nation towards realising its ambition of becoming a $1 trillion economy.”

The Star